Chicago, there already are stock indexes with requirements like the ones you'd like to see, the big boards -- the Dow, S&P and Nasdaq.
What the pinkies are is a massive unregulated market of up-and-coming stocks (and flat-out scams) too numerous to effectively police. They're like the Wild West of the stock market, but their existence in some ways fosters risk taking and creates a relatively effective way for very tiny companies to raise capital.
I don't think it's realistic to enforce the same rules on pinkies that the SEC enforces on blue chips without dramatically increasing the size of the SEC, which would probably do more harm than good. That's why I advocated better outreach/educational efforts by the SEC, to make it 100% clear to potential investors what they're getting into when they buy a penny stock -- not just a gamble, but perhaps even a total scam.
I think the solution is probably somewhere between our two positions: greater SEC outreach coupled with more resources to go after the truly egregious violators (like Paivis).
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